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The production function is an important part of economics and is a compulsory topic in schools and universities. Students pursuing economics as a major stream must be able to function sufficiently in complex topics like these. Production function has different important types. Short run and long run is by far the most vital ones.
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The production function is a method employed to ascertain the probable amount of output from the quantity of input utilized in a particular production process. Going by the definition of it, the production function can use different numbers of inputs as a parameter, and these are known as the necessary factors of production.
Types of Production function- Short run and Long run
The production function can be distinguished according to the number or the nature of the parameters used as the inputs. With requisite amount of the short run versus the long run homework help students have the provisions to learn all about this.
To obtain a brief idea, the types of production functions are categorized as follows-
In the case of short run production function, the amount of investment on a project considered is always fixed. This means that the capital invested on a production function is a preset amount and does not vary under any circumstances. Hence, the only input functioning in case of short run production function is only the measure of the labor.More details are highlighted in the short run versus the long run homework help.
Now since there is the presence of a single parameter here which is the labor, a short run function is much easily understandable and is simpler to represent graphically. It forms a hyperbolic curve with respect to the horizontal axis that is the input or in this case the labor.
In the beginning, the idea of the categories of short run function might seem vague and intangible. But with proper guidance through the short run versus the long run assignment help, that too from appropriate quarters, grasping this topic becomes easier.
In long run, a company has the ability to alter not only the number of laborers but also the amount of investment as well. This is because in the long run there is always a probability of a company to move into a bigger office space or lease a new factory. Therefore, in long run production function, there are two parameters operating namely the labor and the capital.
A two-dimensional curve can be plotted to demonstrate long run function whose nature will be a rectangular hyperbola with the horizontal axis as labor.
To learn these mathematical deductions and graphical representation, our the short run versus the long run assignment help is a must for budding students. In the initial years, it should be taken care that the concepts are built without comprising on it.